Wisconsin state officials will sign a contract with Taiwanese tech giant Foxconn Technology Group after the state’s economic development agency agreed to a $3 billion subsidy package for creating a factory complex in Racine County.
Wisconsin Economic Development Corp. leaders say they included air-tight protections for the state’s taxpayers in case Foxconn does not deliver on jobs-creation promises — even including a personal guarantee from Foxconn chairman Terry Gou for part of any clawback penalties. The company says it will create up to 13,000 jobs and spend $10 billion constructing a campus in Mount Pleasant.
State Senator Carpenter, who previously expressed concerns about the state’s financial risks, said he voted against the deal due to concerns that some environmental regulatory exemptions given to Foxconn will be demanded by other businesses in the state.
The approval sets the stage for finalizing the contract and signing what reportedly is the largest-ever corporate financial-incentive package in United States history.